RMS Communications - Interim Results
December 08 1997 - 2:30AM
UK Regulatory
RNS No 3689a
RMS COMMUNICATIONS PLC
8th December 1997
RMS COMMUNICATIONS PLC
INTERIM RESULT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1997
* ALLIANCE SIGNED WITH SIEMENS
* LAUNCH OF MODULE 2000
- Alliances signed with Siemens, Iskraemeco (the world's fourth largest
meter manufacturer) and two other leading meter manufacturers to develop
PowerNet compliant meters
- Successful launch of Module 2000 providing communication with up to 5,000
electricity meters
- Global operation of PowerNet on ten electricity networks in six countries
- Agreement signed with Jacobsen (the leading Norwegian meter and
switchgear manufacturer) to manufacture and integrate RMS products and
switchgear across Scandinavian electricity networks
- Systems integration alliance signed with Logica
- Pre-tax loss of #2.0 million reflects on-going development costs
David Williams, Chairman, RMS Communications plc, said:
The various partnerships and alliances signed over the last six months are
proof of the enormous progress made towards the realistic commercialisation of
the PowerNet technology and the commitment of other leading companies to
powerline communications.
As with any new technology, there is still much to be done. However the
launch of Module 2000 is a promising development which moves RMS out of the
technical stage to providing electricity companies with a product which offers
vital cost-cutting and service-enhancing facilities.
For further information:
David Williams, Chairman, 0171 248 0802
RMS Communications plc
John Thunhurst, Director 0171 588 4000
Credit Lyonnais
CHAIRMAN'S STATEMENT
The results for the six months ended 30 September 1997, show a loss for the
period of #2,079,000. This reflects the increased development costs and
staffing levels since listing earlier this year and is in line with
expectations.
The Business
Electricity industries across the world are undergoing radical change, with
privatisation encouraging genuine competition in generation and supply.
Demand is thus emerging for a new type of technology offering automated
metering and greater control of the supply of electricity, as well as
providing new services to attract additional customers and serve existing ones
better.
RMS Communications has developed the technology to meet these demands through
its proprietary PowerNet advanced communications system. This is a highly
efficient means of two-way data transmission between customers and suppliers
across the existing electricity distribution network, with the ability to
reach individual appliances within the home or office.
Progress to Date
We are currently managing a number of trials in conjunction with our customers
that are either technical (demonstrating communications performance and
reliability) or customer orientated (offering proof of the many customer
applications that can be supported by the system).
Technical trials have been completed successfully both in Sweden, where VB
Elnat as tested the system for industrial load control purposes and in
Germany, where both the municipal utility PESAG and Cologne's multi-utility
company GEW have tested the performance of PowerNet.
Communications over a trial installation in Jersey were demonstrated
successfully and have been followed by a joint study with Jersey Electricity
showing how the technology can be rolled out on a larger scale. Progress
continues to be made with Scottish Hydro-Electric, where we are installing the
world's largest system of this type.
We have also developed Module 2000, a product designed to communicate with up-
to 5000 electricity meters, which allows electricity companies to fully and
efficiently evaluate the commercial benefits of installing PowerNet.
Current and Future Developments
Progress with electricity companies in the UK is not as rapid as overseas
companies, as they are currently focusing on the establishment of systems and
processes which are required to support open competition from April, 1998.
Nevertheless, a number of UK companies are pursuing meaningful discussions
with us by way of formal tender enquiries or commercial and technical
evaluation.
In Europe, opportunities for PowerNet are being evaluated in Germany, France,
Belgium and Scandinavia. RWE, one of the largest German electricity
companies, is testing the applications for PowerNet. We have recently received
confirmation from Jacobsen, a Norwegian meter and switchgear manufacturer,
that it has committed to install and operate a PowerNet trial with one of the
Norwegian regional electricity companies.
I am also pleased to announce that a number of meter manufacturers have
decided to work with us in developing PowerNet compliant meters. This will
allow us to enjoy the benefits of increased choice and reduced costs, as well
as supporting our sales efforts in the UK and overseas. In addition, we have
recently signed alliances with Siemens, Iskraemeco (the world's fourth largest
meter manufacturer) and two other meter manufacturers. These agreements
demonstrate to shareholders the high regard in which our technology is held by
such companies. Particular mention must also be made of our first licensee,
Denis Ferranti Meters, who have supported us in many ways in recent years.
The Board
Robert Ware, who helped secure the reverse takeover of RMS by Dunton Group plc
is resigning from our Board as from today. Robert has now a very full
commitment as Corporate Development Director of MEPC plc and we thank him for
his contribution to our Company.
Alan Young, having so successfully overseen the change from private to public
status of your Company, has decided to stand down as Chairman and to remain in
a non-executive capacity. I have now taken the role of Chairman.
It should also be noted that Bryan Kimpton has joined your Company as Group
Financial Controller. Bryan was formerly with Cellnet.
Summary
There is still much work to be done with all of our partners as your Company
moves from technical development to full commercialisation of PowerNet. The
shift in emphasis during the period under review towards a more product driven
and marketing orientated company will continue as RMS focuses on meeting the
needs of its customers.
We are very grateful for the dedication of all the staff and particularly for
the way in which our customers are working with us to ensure the most
effective use for this exciting technology.
David Williams
Chairman
RMS COMMUNICATIONS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
SIX MONTHS TO 30 SEPTEMBER 1997
6 months 11 months
ended ended
30 31 March
September
1997 1997
Notes # #
Turnover 87,801 11,667
Cost of sales (77,579) (908)
-------- --------
Gross profit 10,222 10,759
Administration expenses (2,157,939) (152,623)
-------- --------
Operating loss (2,147,717) (141,864)
Interest receivable 70,277 30,972
Interest payable (1,552) (28)
-------- --------
Loss on ordinary activities
before taxation (2,078,992) (110,920)
Tax on loss on ordinary 2 - 3,534
activities
-------- --------
Loss for the financial period (2,078,992) (107,386)
======== ========
Loss per share 3 (7.09p) (3.37p)
The amounts for the six months ended 30 September 1997 relate to continuing
operations.
Comparatives for the six months ended 30 September 1997 have not been included
as they relate to discontinued operations of the former group. The amounts
for the eleven months ended 31 March 1997 similarly relate to discontinued
operations of the former group.
RMS COMMUNICATIONS PLC
CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 1997
30 September 1997 31 March 1997
# # # #
FIXED ASSETS
Intangible assets 1,550,000 1,700,000
Tangible assets 113,748 70,589
-------- --------
1,663,748 1,770,589
CURRENT ASSETS
Stock 349,561 269,673
Debtors 300,916 391,875
Short term deposits 1,100,000 3,600,000
Cash at bank and in 151,206 -
hand
-------- --------
1,901,683 4,261,548
CREDITORS
Amounts falling due
within one year 926,341 1,314,055
-------- --------
NET CURRENT ASSETS 975,342 2,947,493
-------- --------
NET ASSETS 2,639,090 4,718,082
======== ========
CAPITAL AND RESERVES
Called up share capital 9,718,805 9,718,805
Share premium account 4,506,902 4,506,902
Profit and loss account (11,586,617) (9,507,625)
-------- --------
EQUITY SHAREHOLDERS' 2,639,090 4,718,082
FUNDS
======== ========
RMS COMMUNICATIONS PLC
NOTES TO THE INTERIM ACCOUNTS
SIX MONTHS TO 30 SEPTEMBER 1997
1. PREPARTION OF INTERIM ACCOUNTS
The interim accounts have been prepared on the basis of the accounting
policies set out in the Group's statutory accounts for the year ended 31
March 1997.
The financial information presented is unaudited and does not amount to
full statutory accounts within the meaning of the Companies Act 1985.
Full accounts for the year ended 31 March 1997, upon which the auditors,
Pannell Kerr Forster, gave an unqualified audit report, have been
delivered to the Registrar of Companies.
2. TAXATION
No tax charge arises for the period due to the availability of losses.
3. LOSS PER SHARE
The loss per share is calculated by dividing the loss after taxation of
#2,078,992 (year to 31 March 1997: #107,386) by the weighted average
share capital during the period of 29,316,178 new ordinary shares (year
to 31 March 1997: 3,186,612).
END
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